The prices of gold and silver fell on Thursday , as investors are awaiting important U.S. data later in the day for indications about the strength of the economy and need for stimulation .
Gold and silver fall before U.S. jobs data and IPC
On the Comex division of the New York Mercantile Exchange ( Nymex ) , gold maturing in June fell 0.21 % , or $ 2.80, and was trading at U.S. $ 1,303.10 a troy ounce in U.S. trade morning .
The prices were in a range between U.S. $ 1,301.50 a troy ounce to U.S. $ 1,307.30 a troy ounce . On Wednesday , gold rose to U.S. $ 1,309.20 an ounce , the highest level since May 7 , before getting U.S. $ 1305.90 , advancing 0.86 % , or $ 11.10.
It is expected that gold futures find support at U.S. $ 1,289.10 per ounce , the low of May 13 and resistance at U.S. $ 1,315.00 , the high of May 7.
Also on the Comex , silver maturing in July fell 0.44 % , or 8.7 cents to $ 19.68 per ounce . On Wednesday , the futures recovered to $ 20.00 per ounce, the highest level since April 15 , before becoming U.S. $ 19.77 , advancing 1.17 % , or 22.8 cents .
It is expected that the silver futures find support at U.S. $ 19.36 per ounce , the low of May 13 and resistance at $ 20.00, the high of May 14 .
At the end of the day , the U.S. was to release data on new claims for unemployment insurance , consumer inflation and industrial production as well as a report on manufacturing activity in the Philadelphia region.
The dollar index , which tracks the performance of the U.S. dollar against a basket of six major currencies , rose 0.2 % to 80.28 .
A stronger U.S. dollar typically weighs on gold, because the currency diminishes the appeal of the metal as an alternative asset and makes commodities traded in dollars more expensive for holders of other currencies .
In metals trading , copper maturing in July rose 0.18 % , or 0.6 cents to $ 3.166 per pound .
In the euro zone , data released earlier showed that growth in the region grew less than expected in the first three months of the year , while the growth of the French economy stagnated .
Eurostat reported that the gross domestic product ( GDP ) in the euro zone grew by seasonally adjusted 0.2 % in the first quarter , below expectations of a 0.4% increase .
The prices of the red metal recovered for a ten-week high yesterday, amid speculation that demand in China , the biggest consumer of the commodity , gain strength in the short term . The Asian nation is the world's largest copper consumer , accounting for almost 40 % of world consumption last year .
Source: invest.com